Trump Media to Create Strategic Acquisition Fund, Expand Into Other Industries
Trump Media and Technology Group (TMTG) plans to create a strategic acquisition fund with select investors and explore opportunities to partner, merge with or acquire other companies that would benefit from TMTG’s technology and branding.
The firm aims to focus on participants in the “America First Economy,” TMTG said in a Friday (Feb. 21) press release.
With this move, TMTG may evolve into a holding company with subsidiaries in a variety of industries, according to the release.
“TMTG aims to grow robustly with great strategic partners who share our mission,” TMTG CEO and Chairman Devin Nunes said in the release. “We’re hoping to expand our tech footprint even as we branch out into finance and other industries.”
The company currently operates social media platform Truth Social and streaming platform Truth+, according to the release.
TMTG announced Jan. 29 that it is also moving into the financial services and FinTech space with its new Truth.Fi platform.
The company said the Truth.Fi offering will feature separately managed accounts (SMAs), exchange-traded funds (ETFs) and bitcoin investments in partnership with Charles Schwab, which will “broadly advise” on investments and strategy. It will invest up to $250 million of its $750 million to be held by Schwab.
On Feb. 6, TMTG announced that it applied to register trademarks for brand names connected to the upcoming launch of its customized ETFs and customized SMAs.
The trademarks include “Truth.Fi Made in America ETF,” “Truth.Fi Made in America SMA,” “Truth.Fi U.S. Energy Independence ETF,” “Truth.Fi U.S. Energy Independence SMA,” “Truth.Fi Bitcoin Plus ETF” and “Truth.Fi Bitcoin Plus SMA.”
The investment vehicles will be launched this year and will be part of the company’s Truth.Fi brand.
“We aim to give investors a means to invest in American energy, manufacturing and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market,” Nunes said at the time in a press release. “We’re exploring a range of ways to differentiate our products, including strategies related to bitcoin.”
President Donald Trump owns a 52% stake in TMTG and transferred his shares to a trust controlled by his son, Donald Trump Jr., Bloomberg reported Friday.
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